AUCTION SALE

BY THE OFFICIAL ASSIGNEE, HIGH COURT OF MADRAS

(Sale by the Official Assignee is exempted from payment of stamp duty)

Insolvency of R.Lokesh Kannan in I.P. No. 27/2012

The Hon’ble High Court of Madras, by order dated 26.04.2012, made in Insolvency
Petition No. 27/2012, adjudicated the above named person as insolvent and consequent upon
the order of adjudication, all his assets wherever situate, vest with the Official Assignee, High
Court of Madras and in order to discharge the debts of the said insolvent, the schedule
mentioned property hereunder will be brought for sale by the Official Assignee, High Court
of Madras, Chennai-600 104.
SRI RAJ & CO
Govt. Auctioneers
No.7, 1st Floor. Sunkurama Chetty Street, Chennai – 600 001. Ph: 25385686/25384554.
WILL SELL BY PUBLIC AUCTION
The Schedule Mentioned Property at the Chamber of
The Official Assignee,
High Court of Madras, Chennai – 104.
On the 18th day of August 2022 at 03.00 p.m.

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Upset Price : Rs.32,00,000/- (Rupees Thirty two Lakhs only)

Earnest Money Deposit : Rs. 3,20,000/- payable by way of Demand Draft/Pay order drawn
on any Nationalized Bank, payable at Madras, in favour of the
Official Assignee, High Court, Madras
Or

NEFT to the Bank Account No.6184514043 ; IFSC –

RBIS0CNPA01; Reserve Bank of India, Chennai, in favour of “The
Official Assignee, High Court, Madras”
Date and time fixed for
Inspection of the property : 16.08.2022 from 11.00 am to 02.00 pm.

TERMS AND CONDITIONS

1. The sale is the right, title and interest of the insolvent above named in the above schedule
mentioned property.
2. The sale by the Official Assignee is exempted from payment of Stamp Duty U/S.115 of the
Presidency Towns Insolvency Act.1909.
3. The auction sale is subject to confirmation by the Hon’ble High Court (In Insolvency
Jurisdiction).
4. The sale is on “AS IS WHERE IS CONDITION”.
5. Rule of Caveat Emptor is strictly applicable for sale.
6. Every prospective bidder shall deposit the Earnest Money Deposit as stated above for the
property by Pay Order/Demand Draft only in favour of “The Official Assignee, High Court,
Madras-104” payable at Chennai for participating in the Auction Sale. The Deposit amount
will be refunded to all the unsuccessful bidders at the end of the sale and that of the successful
bidder will be adjusted towards the 25% of the Sale Amount payable by him/her, Party’s
Cheque/Cash will not be accepted.
7. The EMD amount paid by the Successful bidder will be adjusted towards the 25% of the sale
amount to be payable.
8. The successful bidder should pay 25% of the sale amount within seven working days from the
date of confirmation of auction either by NEFT to the Bank Account No.6184514043 ; IFSC
– RBIS0CNPA01; Reserve Bank of India, Chennai, in favour of “The Official Assignee, High
Court, Madras”
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 Or

By way of Demand Draft/Pay Order drawn on any Nationalized Bank, payable at Madras in
favour of the Official Assignee, High Court, Madras.

9. The Schedule mentioned property may be inspected by the prospective bidders on the date
and time mentioned above.
10. The original title deeds of the Schedule mentioned property are not available with the
Official Assignee, High Court, Madras. Certified copy of the sale deed alone is available with
this office.
11. The Purchaser has to wait until the sale is confirmed by the Hon’ble High Court. No interest
will be given for deposit made by the highest bidder. The confirmation of the sale will be
intimated to the successful bidder and he/she shall make the balance payment within Thirty
Days (30 days) from the date of receipt of the letter of intimation as to sale confirmation.

12. If the successful bidder acts as an agent and once that the sale deed to be executed in the name
of Principal, her/she shall disclose the name of the Principal immediately after the Auction
Sale; otherwise the sale deed will be executed only in the name ofthe successful bidder,
thereafter any request for the execution of the sale deed in the name of any other person will
not be entertained.

13. The sale is subject to payment by the purchaser of all taxes, property tax, land revenue and
Government dues if any and all other outgoing will be borne by the purchaser.

14. Tax Deducted at Source has to be paid by the purchaser at the time of registration of
conveyance deed as per the Income Tax Act, 1961.

15. No bidders shall advance a lesser or sum at each bidding than the sum prescribed by the
Official Assignee.

16. The Official Assignee shall have the right of bidding at the auction and reserves to himself
the right of cancelling or postponing the auction at any time, if he thinks fit to do so.

17. All persons desirous of becoming purchasers are to satisfy themselves as to identify and
correctness of the description of the property and of the measurement and boundaries thereof
prior to the sale as having the property knocked down to him or her the purchaser shall be
held to have waived all objections to the title and to any mistake that may afterwards appear
to have been made in the description as well as to any other errors whatever in the description
of the property. The purchaser shall not be given a covenant to the effect in the conveyance.

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 18. On payment by the purchaser of the residue of the purchase money, a proper conveyance shall
be executed by the Official Assignee to the purchaser and the Official Assignee shall not be
required to enter into any other covenant than the usual covenants against encumbrance by
him. All expenses relating to the preparation and registration of the conveyance must be
borne by the purchaser.

19. If the Purchaser fails to comply with the above conditions or any of them, the EMD
paid by him/her will be forfeited and the Official Assignee shall thereupon, without notice to
the purchaser, be at liberty to resell the property either by public auction or private contract and
the deficiency if any arising from such resale, together with all expenses attending it, shall be
made good by the defaulting purchaser to the Official Assignee, and he/she will have no claim
on any profit that may accrue in the resale.

20. Only those who paid Earnest Money Deposit will be allowed to attend the sale.

21. Cell phones will not allowed at the time of auction.

22. The participants in the auction sale will not be allowed to leave the auction place until the
auction is over.

23. For further details, the intending purchasers may contact

The Section Officer, (Property Section)
O/o. The Official Assignee,
High Court of Madras,
Chennai-600 104. Phone No: 044-25301275

By referring to the I.P.No.27/2012 – Insolvency of R.Lokesh Kannan.

Email id : oa.mhc@tn.gov.in
Website : http://hcmadras.tn.nic.in/tenders.html

V.Devanathan,
Official Assignee,
High Court, Madras.
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Agreeing to the above terms and conditions I have participated in the Public Auction and have been
declared as highest bidder for the property in the above mentioned schedule as Item No............. for
Rs......................................
Name and Address of the purchaser (in Block letters) ............................................................................
................................................................................................................................................
Cell No: ..................................... E-mail ............................................
Aadhaar No. .................................................
PAN No. .....................................

Signature of the Purchaser with date